The Monetary Authority of Singapore, in remarks marking the SAS’s 50th anniversary, urged actuaries to adapt to increasingly interconnected risks by mastering artificial intelligence and advanced analytics, preparing for forward-looking uncertainties and responding to changing customer needs. Actuaries should combine technology with professional judgment and translate complex analysis into clear, actionable advice for boards, senior management and policymakers. As AI becomes embedded in underwriting, pricing, valuation and claims management, actuaries should challenge assumptions, identify bias and test for unexpected outcomes to ensure models are robust, explainable and appropriately governed. They should also use scenario analysis and stress testing beyond historical experience, including for climate and geopolitical risks. Product design should address aging populations, affordability and accessibility, including the needs of people with disabilities and mental health conditions, while supporting better policyholder risk management and emerging climate technologies.
2026-08-19Monetary Authority of Singapore
Monetary Authority of Singapore urges actuaries to strengthen AI governance, forward-looking stress testing and inclusive insurance
The Monetary Authority of Singapore urged actuaries to strengthen AI governance, forward-looking scenario analysis and stress testing as risks become more interconnected. It also called for affordable and accessible insurance products that respond to aging populations, disability, mental health needs and emerging climate technologies.